Nigerian Family Firms Fail To Plan For Succession

Like many countries around the world, family business owners in Nigeria area failing to step up to the plate and plan appropriately for the succession of their businesses.

Whatever the reason, lack of willingness to enter into open discussions, not wanting to hand over the reigns and step down, or simply failing to recognise the importance of planning, less than 20% of Nigerian family business have plans in place for leadership succession according to the latest research.

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Only about 20 per cent of family businesses in Nigeria have plan for leadership succession and a minuscule three per cent have a laid down strategy for wealth transfer